Wednesday, December 14, 2016

LPT Breaks Ground $1B Improvement of Camden Waterfront's

Liberty Property Trust has broken ground on a new five-story, 222,376-square-foot office building at 1 Water St. in Gloucester City, NJ. Delivery is expected in late 2018.

The facility will be the new headquarters for American Water Works Co. located on the Camden waterfront. American Water, a publicly-traded water and wastewater utility, joins a growing list of corporations that have announced plans to move to Camden using incentives awarded through the Grow New Jersey program, which rewards employers that invest in struggling cities as part of the 2013 Economic Opportunity Act championed by U.S. Representative Donald Norcross (D-NJ) to boost struggling cities in South Jersey.

During the last 15 months of due diligence, Liberty assembled the land, sought and received approvals from and negotiated agreements with the New Jersey Economic Development Authority, the New Jersey Department of Environmental Protection, Camden County, the Camden County Municipal Utility Authority, the City of Camden and the Delaware River Port Authority. Liberty has also reached agreement with Dranoff Properties in connection with the removal of an impeeding view easement restriction.

"Today marks the beginning of what will become an energetic high performance community, anchored by world-class office buildings and a spacious waterfront park easily accessed by walking, biking, driving and public transportation; one which will build upon and greatly contribute to the revitalization efforts already underway in Camden," said John Gattuso, Liberty Property Trust regional director and senior vice president, urban region. "As we shift into the development of The Camden Waterfront, our focus shifts too, from that of a vision to that of a reality, and that is a very exciting thing."

One Water Street has been designed by Robert A. M. Stern Architects, and will pursue LEED Platinum - Core and Shell certification. The Camden Waterfront, master planned by Robert A. M. Stern Architects, represents a unique opportunity to develop a project of this scale in the center of a major metropolitan area.

Liberty is commencing development of the $1 billion project with its focus on three initial areas: infrastructure to support the overall development, an 806-car parking garage and One Water Street.

Liberty envisions a mixed-use development that will attract corporations, employment and significant inward investment. In addition to the anticipated 1.45 million square feet of build-to-suit projects for corporations, the development will include a proposed 180 room Hilton Garden Inn to be developed by Ensemble Real Estate Solutions and a 188-unit residential component, for which an agreement is pending with The Michaels Organization. Substantial investment is planned for the reconstruction and enhancement of the existing waterfront park, creating more than 2.5 additional acres of parkland, offering diverse opportunities for recreation, exploration, respite, and engagement with nature.

"I am thrilled that The Camden Waterfront project continues to move forward and this billion dollar project will soon break ground," said Mayor Dana L. Redd. "This great project goes beyond just the brick and mortar development of the waterfront. Liberty Property Trust has been a great partner throughout this process by ensuring that Camden residents have an opportunity for employment and local sourcing."
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